First Time Homebuyers: What To Do When You Are Getting Priced Out Of The Market

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Have you been thinking about buying your first home and feeling like there is no hope? It is easy to feel that way these days. We have seen firsthand how difficult it is for first time home buyers to enter the housing market and we are here for you. 

Often the two biggest obstacles that you will face right now are that there are very few homes to choose from and the price of homes may be out of your budget. Let’s talk about the ways that you can solve these problems, get into your first home and start building equity!

It is important to remember that you can’t wait for that 10 out of 10 home. You may be dreaming of that home with a beautiful chef’s kitchen and granite countertops, or walk-in closets and two car garage, but it may be that this home is not affordable to you… yet. It will be. If you are able to adjust some of your wants and focus on your needs, you can get into a home that is a great starter home for you and soon enough you will be able to afford that dream home!

Here are some things to consider when you are thinking about buying your first home…

  • You may want to start with a condo, instead of a single family home and upsize at a later time.
  • Look outside of your desired neighbourhood and see if there are other areas that are affordable right now.
  • Be okay with some compromises. Be prepared to be flexible on your “must have” list, as we mentioned above. 
  • Speak to your mortgage specialist. If you have your mortgage pre-approval, you will have a clear understanding of what you can afford. 
  • Get into the market while you can, where you can. We have seen so many people almost miss out on a home. Hesitating can be bad in this market! (Know that our agents will not pressure you into something that you don’t want, they are here to guide you!)

If you are looking to buy a home and understand the importance of building equity in your home (as an investment for your future), you might want to consider buying sooner rather than later. Alternatively, you can continue to save money towards a down payment. Just know that the price of houses will continue to rise. Buying sooner might be the best thing for you! You may not get your forever home on your first try, but it will happen! Remember, we are here to help you find your happy place.  

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About The Author
Julia Robertson

Julia is the administrative backbone of the LIFE Real Estate Group. With a long history of office management and an attention to customer service, Julia provides the highest level administrative support to the LIFEreg team. Among her many contributions, she is responsibilities include, transaction coordinator, media manager, and client satisfaction.

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